Was Raghuram Rajan unable to push his ideas to reality? Here is our thought!
Just been going thru a lot of discussion happening on Raghuram Rajan’s (RR) decision to exit from the RBI. If I look back in perspective, I expected this was supposed to happen much earlier. Not because he was unqualified (he was over qualified for that matter), not because he was one such force who was working against many of the govt policies (or presumed to be by many,which RR himself has rejected). What I think a greatest failure of RR has been his inability to sell his ideas to the government and get them on his side, this as per me should be sufficient enough for not extending his term. When govt has clearly accepted Aadhar, DBT, MGNREGA, GST and many schemes from previous government, it is surprising that RBI and Finance ministry were not in Sync in many matters.
Role of RBI is a leadership role, one such role which decides and carves a path of the countries monetary, banking and ultimately economic policy. In such a role, when you have a person, who is constantly believed or shown in media to be not is sync with government is a recipe of disaster, this when such a leader is not able to sell his ideas and get buy-in from the government. Such a person even though may be an angel who has cure for all the ailment, is bound to create more harm for all his stakeholders as compared to doing good. In such a situation it is good in mutual interest that such an angel voluntarily make way for the alternate to come in and work with government and other stakeholders.
Looks like this country end of the day has got benefited a lot from averagely educated, as compared to people whose resume are jaw dropping like the one of Mr RR. The best example, I always give is of Dr APJ Kalam. Man from a very small village in a very remote corner of the country, educated only till his gradation that too not from a fancy college like an IIT or any institution out of India, goes all the way to be a Bharat Ratna called missile man of India and also becomes President of India. I think the only positive of that man (was clearly visible many times) was he could sell his ideas, get his stakeholders (be it Congress of BJP) work for him and support him to make his vision successful. This one quality, I saw was clearly lacking in RR and it is good he realized it is for mutual interest that he moves out of RBI.
By Manohara Kamath
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